Various processes have been proposed for the production of optical active hydroxyesters and alcohols including (1) asymmetric reduction processes utilizing yeasts ((a) B. S. Deol, D. D. Ridley and G. W. Simpson Aust. J. Chem. 29,2459 (1976), (b) D. Seebach and A. Fiechter, Angew. Chem. Int. Ed. Engl., 23, 151 (1984), (c) H. Akita, A. Furuichi, H. Koshiji, K. Horikoshi and T. Oishi, Tetrahedron Lett., 1982, 4051, (d) B. Zhou, A. S. Gopalan, F. Van-Middlesworth, W. R. Shieu and C. J. Sih, J. Am. Chem. Soc., 105, 5925 (1983), and (e) K. Mori Tetrahedron, 37, 1341 (1981)); (2) reduction processes using modified Raney nickel catalysts ((a) M. Nakahata, M. Imaida, H. Ozaki, T. Harada and A. Tai, Bull. Chem. Soc. Jpn., 55, 2186 (1982), and (b) T. Kikukawa, Y. Iizuka, T. Harada and A. Tai, Chem. Lett., 1987, 1267); (3) reduction processes employing modified metal hydrides ((a) K. Soai, T. Yamazaki, H. Hikima and H. Oyamada, J. Chem. Soc., Chem. Commum., 1985, 138, and (b) T. Mukaiyama, K. Tomimori and T. Oriyama, Chem. Lett., 1985, 813); (4) reduction processes using asymmetric diphosphine-rhodium complexes ((a) K. Achiwa, Tetrahedron lett., 1977, 3735, (b) I. Ojima, T. Kogure and K. Achiwa, J. Chem. Soc., Chem. Commun., 1977, 428, and (c) I. Ojima, T. Kogure, T. Terasaki and K. Achiwa, J. Org. Chem., 43, 3444 (1987)). However, these known processes suffer from difficulties in the preparation of reducing agents, low reaction temperature and/or poor chemical and optical yields, and therefore are not suited for commercial production of optical active hydroxyesters and alcohols.